Rig count falls again

Sunday, March 6, 2016 by Katie Woods

As of March 2, there were 502 active drilling wells in the U.S. That count could soon fall to its lowest since 1948, according to Bloomberg.

The Baker Hughes rig count for March 4, 2016, shows that the count fell to 489, down 13 from the previous week. A year ago, the rig count sat at 1192.

There aren’t consistent drilling records prior to 1948, but experts believe that the current level of drilling could be reduced to that of 1859, when Pennsylvania’s oil rush began.

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Shale FAQ

What are mineral rights?

Mineral rights are the rights of the owner of the property to mine or produce any resources below the surface of the property. Mineral rights are different from surface rights.

Will I get free natural gas if I allow fracking on my property?

Maybe. It depends on your particular lease agreement. Some companies allow property owners a yearly free gas allowance. But, the process of connecting your property to the gas source may be more complicated. Some companies will provide a hookup, others require the landowner to provide one.

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